Running a retail business isn’t always easy, but having the right technology can greatly impact your success. Whether you’re opening a new store or seeking to upgrade from a previous system, choosing a point-of-sale (POS) system that comes with all the hardware and software you need is crucial.
A great POS system can simplify crucial business operations and provide you with a stream of data that you can use to make informed business decisions and run marketing campaigns.
Before you decide and risk investing in something that may not be what you need, we’ve explored five things that every retailer needs to know before choosing a POS provider.
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What Every Retailer Needs to Know Before Choosing a Provider
The hardware you need
The most common hardware that comes with an all-in-one POS solution is a card machine, a receipt printer, a barcode scanner, a cash drawer, and a touchscreen display. You can also purchase a customer-facing display, which allows you to communicate real-time transaction information to the customer.
With card payments accounting for 57% of all consumer expenditures in the UK, a card machine will be essential for accepting customer payments in 2024.
Contactless card machines allow you to trade from anywhere in the store, speeding up service and minimising long queues. They also process payments quickly and accept methods like credit and debit cards, contactless payments, and digital wallets such as Apple Pay and Google Pay.
The software you need
Your POS system is a central component of your business and more than just a way for customers to pay for their purchases. Its software helps with inventory management, accounting, employee management, customer management, sales reporting, and more.
Inventory management tools are of utmost importance. Your chosen POS system should be able to handle complex inventory, such as products with multiple different attributes, such as a shirt that varies in colour and size.
Although the software that comes with your POS system offers you an abundance of efficient and useful features, you should also consider one that integrates with third-party platforms. Integrations with platforms such as Xero, LoyaltyDog, Slip, MailChimp, Quickbooks, and WooCommerce can streamline your business operations and processes.
Syncing your online and retail store
In a recent survey of retail businesses worldwide, omnichannel retailers outperformed single-channel retailers in terms of sales growth.
So, for retail success, you should sell your products both in-store and online. Just make sure the POS system integrates with your chosen eCommerce platform so that you can seamlessly update your products, pricing, and promotions in real time.
In addition, ensure your customers can buy and redeem gift cards and access your loyalty programs both online and in your store.
A POS system can increase traffic
99% of consumers habitually check their inbox every day, highlighting the importance of email marketing.
So, we recommend choosing a POS system that can integrate with your email marketing platform. That way, you can send personalised marketing and advertising emails to your customers based on their past purchases.
For example, if someone makes a purchase, you can email them a week later, suggesting similar products to buy.
With the help of your POS system, a successful email marketing campaign can increase traffic to your website and your retail store as it enhances customer loyalty.
Training your staff
The retail industry is renowned for its high staff turnover rate, particularly during the Christmas season when temporary staff are hired to cope with demand.
Unfortunately, extensive training can drain company time, money, and resources because experienced staff are removed from their usual roles to train newer team members.
However, by choosing a user-friendly POS system that offers plenty of training resources, you can streamline the training process and quickly get your new staff ready to work.
Do You Know The Right POS System For Your Store?
As a retail business owner, you have a lot on your plate, so you must choose the right POS system. You want a solution that optimises business efficiency and provides a more valuable experience to both employees and customers.
When researching a POS system, you should consider various characteristics, such as a user-friendly interface, inventory management tools, software integration options, training resources, and the right hardware.